Market Expert Predicts Serious Downturn Ahead – Cryptocurrencies at Risk
In the interview with David Lin, Soloway expressed his concern about the recent statements by the Federal Reserve, which indicated that a "slight" recession was expected.
He believes that the Fed’s attempts to downplay the situation may cause investors to underestimate the risk of a more severe downturn.
Soloway argues that smart investors should start preparing for a worse recession than what is being officially acknowledged as part of their risk management strategy.
Regarding the stock market, Soloway predicts a “second half that will be atrocious.” He believes this downturn could spill over into the cryptocurrency market.
Although Soloway remains skeptical about Bitcoin‘s current rally, he sees $30,500 as a crucial psychological level that could signal that the cryptocurrency has bottomed out if held for multiple days.
READ MORE: Bull Market on the Horizon: Morgan Creek’s CEO Anticipates “Crypto Summer”
However, he warns that he still thinks this is a bear market rally and that there are more risks to come in the risk asset market.
At the time of writing Bitcoin is trading at $29,250, down 2.2% in the last 24 hours and 2.5% for the week.
However, it has still managed to hold onto a 3.77% gain on its monthly chart.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
